Ripple has secured approval from the Monetary Authority of Singapore (MAS) to significantly expand the scope of its Major Payment Institution (MPI) license, held by its local subsidiary, Ripple Markets APAC.
Key Highlights:
- Expanded Offerings: The updated license permits Ripple to broaden its regulated payment services in Singapore to include services involving Digital Payment Tokens (DPTs), such as its native XRP and the recently launched stablecoin, RLUSD.
- Regulatory Leadership: Ripple President Monica Long praised MAS for setting a “leading standard for regulatory clarity,” stating the expansion reinforces Ripple’s commitment to investing in Singapore and building essential financial infrastructure.
- Comprehensive Payment Solutions: The expanded scope allows Ripple to offer end-to-end payment solutions through a single integration point, covering collection, holding, token swapping, and payout services. This enables financial institutions, crypto companies, and fintechs to launch digital payment services without needing to build their own blockchain infrastructure or establish additional banking relationships.
- Focus on APAC Growth: Fiona Murray, Ripple’s VP for APAC, noted that the Asia Pacific region is a leader in digital asset usage (with on-chain activity up approximately 70% year-over-year), and the expanded license will help Ripple better support the institutions driving that growth from Singapore.
Ripple, which established its Asia Pacific headquarters in Singapore in 2017, is now among a select few blockchain-enabled institutions globally to hold this comprehensive MPI license.
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